In recent years, nursing home costs have significantly increased within the United States. The monthly cost for a shared room in a nursing home can cost over $10,000, while opting for a private room can raise the price to approximately $12,000 per month. On average, this translates to an annual expense ranging between $100,000 and $150,000 per person.
As individuals age, there’s a high likelihood that they will need long-term care at some stage in their lives. In fact, it is estimated that nearly 70 percent of us over the age of 65 will require long-term care. Typically, individuals spend around 2.5 years in nursing homes, but for a significant portion—around 20%—this period extends to five years or more.
The cost for the 2.5 year stay could accumulate to between $250,000 and $350,000. And depending on where you live and the level of care that you need, those costs can be significantly more. Moreover, experts predict that these costs will continue to escalate in the foreseeable future. You can see the current costs for home care, adult day care, assisted living, and nursing home care in your area by visiting https://www.genworth.com/aging-and-you/finances/cost-of-care.html.
These costs help explain why so many families exhaust their life savings very quickly when a family member enters a nursing home. It also explains why Medicaid finances over half of all nursing home stays.
Medicaid is an income supplement that can help pay for long-term care. But, Medicaid won’t cover long-term care for just anyone – you must meet the eligibility tests. What a lot of people don’t understand is that you may still be able to apply for Medicaid even if you don’t meet those tests. If you or a loved one is on the brink of entering long-term care, then you may be able to implement a Medicaid Crisis plan.
A Medicaid Crisis plan occurs when an individual has recently entered or is about to enter a nursing home and is told they own too many assets to qualify for Medicaid assistance. When that happens, most people assume they are doomed and have to spend all of their assets until they qualify for Medicaid. Fortunately, that may not be true for everyone, and with the help of a qualified elder law attorney, you may be able to preserve assets and still qualify for Medicaid to cover long-term-care costs.
If you or someone you care about is facing a Medicaid Crisis, it’s important to stay calm. Much of the information circulating about Medicaid may be outdated or inaccurate, coming from various sources like friends, family, nursing home staff, or caregivers. Seeking guidance from a qualified elder law attorney is crucial in such situations. They can assist you in obtaining Medicaid assistance, whether you’re planning to enter a nursing home soon or are already there. Even if you’ve been denied Medicaid assistance before, a skilled elder law attorney may still be able to help you secure the financial support you require. You can read more about managing a Medicaid crisis on our webpage Here.
You’ve worked too hard to lose your life savings to the nursing home. Don’t let misinformation or unexpected life changes prevent you from getting the financial assistance you need and deserve. If you or a loved one is facing long-term-care, then please contact an elder law attorney before you apply for Medicaid to cover that cost and before you spend all of your assets on that care.
Event ID: 4638